While conventional wisdom might suggest most move to sun-soaked southern states, the reality is more nuanced than that. Florida does make a showing, but the list of top destinations for wealthy transplants spans much of the U.S.
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According to CNBC, the Deltona-Daytona Beach-Ormond Beach metro area in Florida tops the list, with a 171% net growth in high-income residents in 2023.
The College Station area in Texas – home to Texas A&M University – claimed the second spot with a 132% increase in wealthy residents.
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California, which has lost residents recently, also made the list. The Santa Maria metro area ranked third, with a 127% net growth in high-income households.
Florida made a second appearance on the list, with the North Port-Sarasota-Bradenton area seeing a 68% increase.
The Midwest also ranked, with Ann Arbor, Michigan – home to the University of Michigan – grabbing fifth place. The college town saw a 63% net growth in high-earners in 2023.
Rounding out the top 10 are:
– Provo, Utah (40% increase)
– Akron, Ohio (35% increase)
– Austin, Texas (34% increase)
– Knoxville, Tennessee (33% increase)
– Fresno, California (32% increase)
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Those migration patterns don't necessarily align with overall moving trends, though. CNBC's analysis found that households in the top 20% of earners were the least likely to move in 2023, with only 6.5% relocating compared to 9% of those in the bottom 20%.
Of the high-earners who moved, 53% stayed within the same county. However, when they did venture out, they were more likely than lower-income groups to cross state lines, with 19% of wealthy movers relocating to a different state.
And the motivations behind the moves vary. While middle-class Americans often cited cheaper housing as a reason to relocate, it was a factor for only 6% of high-income movers. Instead, 18% of wealthy movers relocated for new or better housing. Career opportunities also played a role, with 12% of high-earners moving for a new job or transfer.